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Risk advice under pressure: Working together for positive change

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23 September 2024 by Marc Fabris, Independent Financial Adviser

Article link: https://www.ifa.com.au/opinion/34794-risk-advice-under-pressure-working-together-for-positive-change

Adviser Ratings reported that in 2023, just 480 advisers were responsible for writing half of all new business, highlighting a stark concentration of expertise.

This concentration is further emphasised by the industry’s broader landscape. Over 5,000 “low risk” advisers write only a small number of policies each year, while an additional 10,000 or so advisers write no risk business at all. This disparity presents both a challenge and an opportunity for the industry to re-engage these advisers and drive growth.

Compounding these issues, client needs are becoming increasingly complex. Rising health issues, both physical and mental, along with evolving client expectations, are placing greater demands on advisers. As they strive to provide comprehensive and affordable advice, the pressure on underwriting processes has never been higher.

Comments

I guess if you set poor policy settings and make life so uncomfortable for advisors that half of them leave (12,000) and then cut the pay of those remaining in the insurance space by 40% you can expect a 60% drop in new premiums. The insurers did not support advisors, the insurers thought they could replace us via bots, online sales and dealing direct, wroooong (who would have thought) Additionally, all life insurers are now foreign-owned as banks and AMP sold their life businesses to offshore interests. This mess\situation rests at the feet of ASIC, Royal Commission, AFSL's, Government and Big Unethical Self Interested Businesses. Play silly games win silly prizes, you reap what you sow. I guess tax payers are picking up the shortfall via disability support pensions.

Mario Fish 19:26 on 27 Sep 24

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